Is It Possible for The Self Employed to Take A Payday Loan?

As current times are stressful the current times are for the self-employed due to the pandemic situation, it can get worse with a sudden unexpected financial problem. When we have an urgent financial requirement, it is very common for us to try and take a quick loan, but sometimes it is hard for the self-employed to avail loans.

When the only solution to your problem seem to be taking loans having to struggle much for it makes it worse. Also, you must have some consideration on the safety aspects that one should never miss while taking a loan. However, when your choices are limited, you obviously tend to compromise on the safety standards.

To avoid all such risks, sign up for LoanPig account. They are a leading online money lenders and loan brokers of the United Kingdom. They operate online with the help of their well-constructed website where you can learn everything about them and apply for the loan as well, right from there. They offer short term loans, payday loans etc.

Why is it more difficult for the self-employed to avail loans?

 However big is your firm and the size of your turnover, sometimes you would have seen that it becomes a little difficult to get any type of personal loans. For the personal loans, only documents speak. You might not have a salary account or any floating cash in it. You might have drawn a fixed amount as monthly salary.

Generally, according to the banks, the self-employed do not have a reliable and any fixed source of income. There are some basic requirements for money lenders that you must fulfil, in order for them to grant you the loan. Most of these requirements are not met by the self-employed. Hence, it is very difficult for self-employed to avail a quick loan.

Things the self-employed can do to increase the chance of getting a loan

 However, difficult it is for self-employed to avail loans, it is never impossible. There are certain things you can do to increase your possibilities and they are as follows –

  • Check for lenders or the bank’s eligibility criteria and select the bank that is ready to give loans to self-employed. Not all banks and lenders say an upfront no for loans for self employed
  • Attach your bank statement showing all the transactions you carried out along with your loan application.
  • Try to get yourself a guarantor who can support your loan application. He need not be involved directly in the loan process.
  • Contact a loan broking agent or an agency, which can help you get your loan easily. They know many money lenders listed with them and so they find you a money lender, who can lend you the required amount.

I hope this article helped you get an idea on how a self-employed can apply for and get himself a quick financial loan. If you have any trick or technique, do write to us.

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